The total company failures for 2023 exceed 25,000 for the first time in 15 years, signalling the toughest business climate since the economic crash in 2009.
Before the first lockdown in 2020, there were 1,119 company insolvencies in December 2019, one year later the figure was slightly higher at 1,235.
However, typically for December the overall level was down on Novembers 2,470. What is most worrying that the figure was the highest for four years.
Lin Gartland, restructuring & insolvency director at Azets, said: Despite the monthly decrease in corporate failures, in total in 2023, they are at their highest level since the aftermath of the financial crisis in 2009.
We expect that fallout from the impact of large corporate failures in the…
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